Lacquer Market – Segmentation and Industrial Overview Forecasts to 2028

Posted on 2019-07-24 by Mark Hub in Internet & Online // 0 Comments

Rockville, USA, 2019-Jul-24 — /EPR Network/ —The report on lacquer market covers high level insights on various aspects that drive the market, along with new trends and developments. It also provides analysis on the application of lacquers across various end use industries and the respective scenarios across important regions. The report stresses on the fact that the sales of lacquers are largely influenced with direct to customer selling via online sales channel, apart from specialty stores and modern trade. Moreover, according to the report, demand for solvent based lacquers is expected to increase at a significant pace, in turn providing an impetus to the growth of the entire lacquer market during the assessment period.

Global demand for lacquers is likely to reach roughly 7 million tons in 2018, as applications in furniture, automotive, and architectural industries create sustained growth opportunities. The shift from solvent-based to water-based lacquers will become more palpable in the next decade, as a combination of environmental compliance and end-user consciousness induces changes in manufacturing and uptake. The long-term outlook on lacquer market remains bullish, with novel applications in cosmetics likely to complement demand, finds a new research study by Fact.MR.

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Market Segmentation The report on lacquer market has been segmented in depth to gain intelligence on the entire market scenario. Present situation and forecasts on every segment is covered in the successive chapters in the report. The lacquer market has been segmented on the basis of product type, formulation type, application, distribution channel, end use industry and region.

End-users continue to show a marked preference for solvent-based lacquers, owing to their performance advantages over water-based lacquers, however, concerns over VOC emissions, and stringency in regulations are driving the demand water-based lacquers. Solvent-based lacquers are likely to account for nearly 70% volume share throughout the assessment period, and grow at a higher rate vis-à-vis water-based variants. However, the lower growth doesn’t undermine the fact that interest in water-based solvents is gaining ground, as compliance advising costs and evolving preference fuel demand.

Asia Pacific excluding Japan (APEJ) is the largest market for lacquers, followed by Europe and North America. Many countries in APEJ have remained traditional manufacturing hubs, and demand for lacquers, varnished, and coatings has remained robust in the region. In addition to being a major consumer of lacquers, the region has also been a prominent exporter to North America and Europe. However, the report finds that increasing stringency in regulations, combined with increasing labor costs in emerging countries has led to a steady decline in exports in the recent past. End-user demand for high-quality, water-based solvents has also led Asian manufacturers to change their suite of offerings.

Water-based lacquers have gained significant popularity in the recent past, on account of the broader push towards sustainability. Although solvent-based lacquers offer a glossy shine that survives the wear and tear for years, the raw materials and chemicals used in manufacturing these products have proven to be hazardous to human health and the environment. End-users have not been oblivious to these challenges, and a steady shift towards water-based solvents has been witnessed in many lucrative markets. However, water-based solvents come with their own set of challenges. Although they serve the ‘environmentally-friendly’ criteria, their actual performance leaves a lot to be desired. Longer wait times between coats and high price continue to impede widespread adoption of water-based lacquers. However, manufacturers are focusing on addressing the limitations associated with water-based solvents to consolidate their position.

Automotive sales have been healthy in the US, China, and India, with a rapidly emerging middle class demographic ramping up demand. The fortunes of the lacquer market are directly linked to the broader developments in the automotive industry, and it is highly likely that steadiness in the automotive sector will create sustained growth opportunities for manufacturers.

About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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